St James Place

BPGC

We have investments (ISA's and Bonds) with St James Place and are aware of their recent bad publicity, The Daily Telegraph ran a feature 'The trouble with SJP'. As a result, we have not had the service levels promised and believe we should claim against SJP. Numerous companies are handling such claims, but they are charging 48% commission. I would welcome advice on how to claim as a private individual, as I can find no real guidance from internet searches. The claims companies I have spoken to have all confirmed we have a case to claim against (well they would wouldn't they).

sheslookinhot

Do you have a list of each specified service, where they have fell short by a large margin and how much you have “lost” as a result ?

Malthusian

 I would welcome advice on how to claim as a private individual, as I can find no real guidance from internet searches.

You make a formal complaint to SJP saying that you have not had the service level promised and tell them how you want them to put it right. 

If you are unhappy with their final response, you can take the complaint to the Financial Ombudsman. Same applies if they do not issue a final response within eight weeks.

dunstonh

 aware of their recent bad publicity

Recent?  SJP have had over a decade of it.  (post RDR at the end of 2012 was when it started)

. As a result, we have not had the service levels promised and believe we should claim against SJP. Numerous companies are handling such claims, but they are charging 48% commission.

First of all, claims companies do not take a commission.  They are taking an explicit chunk of your redress plus it is VATable at 20%.   Explicit deductions are not a commission. 

You generally find that the higher the CMC takes, the less successful you are likely to be.   Although some will be greedy and others are looking for the next gravy train now that PPI has ended.

What is important here is the start date you commenced the policy.
If it is pre-RDR (1st Jan 2013) then they do not have to provide any explicit service.   It was only for investments and pensions set up post 1st Jan 2013 that the remuneration had to be in exchange for an explicit service.   That could be as little as contact made with you once every 3 years and if you said "no thank you" to the meeting, then they could tick the box as job done.

From 2018, MIFIDII kicked in for investment class and investments that held certain assets.  SJP's pension product is not subject to MIFIDII as it is old fashioned and falls under different legislation.   However, for ISAs and unwrapped investments in UT/OEICs, then MIFIDII would apply.   That changed the review frequency to "at least annually".

 I would welcome advice on how to claim as a private individual, as I can find no real guidance from internet searches. The claims companies I have spoken to have all confirmed we have a case to claim against (well they would wouldn't they).

Claims company reps are targeted to get people to sign up, whether they have a case or not.  They know that some people that don't have a case will get lucky and there is no penalty it in a complaint and it fails.   So, they have nothing to lose.  So, they will encourage as many as possible, whether you have grounds or not.

You can make a complaint to SJP yourself and it will have just as much chance of success as a claims company.   The CMC will use a scattergun template in the hope it sticks.   Some don't even do that.  They just email SJP a spreadsheet each week with names and addresses and asks SJP to investigate whether the service had been offered or not.   

Looking at your situation, lets narrow it down...
1)  what investment products do you hold?
2) when did you take them out?
3) what services are you claiming that were agreed with you that have not been carried out?